Resorts International built a bridge to the island and developed it with hotels and restaurants, and opened the Paradise Island Casino there in 1967.
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13 Facts About Resorts International
1.
2.
Resorts International made efforts towards acquiring Pan American World Airways in 1969, but backed down after Congress intervened to make such a takeover more difficult.
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3.
Resorts International executives traveled the world looking for potential casino sites.
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4.
Finally, Resorts International took an interest in Atlantic City, New Jersey in the lead-up to a 1976 voter referendum to allow casino gambling there.
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5.
Resorts International purchased large tracts of land in the city, including the historic Chalfonte-Haddon Hall.
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6.
Resorts International expanded its footprint in the Bahamas to a second casino in 1978, assuming management of El Casino in Freeport.
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7.
Resorts International offered to purchase Trans World Airlines in 1985, but was rejected.
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8.
Resorts International then returned its focus to Pan Am, buying an 11 percent stake in the airline.
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9.
Trump was appointed chairman of Resorts International, and said he would complete the Taj Mahal in about a year.
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10.
Less than a year after Griffin's takeover, Resorts International began defaulting on interest payments to bondholders, due to the company's high debt load and inability to sell undeveloped real estate assets.
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11.
Proceeds from the Paradise Island sale, expected to top $250 million, would have allowed Resorts International to reduce its debt load to a level that could be serviced by cash flow from the Atlantic City property.
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12.
In December 1996, Sun Resorts International purchased the company for $293 million in stock and assumed debt.
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13.
Resorts International financed the establishment of Intertel in 1970, as an outgrowth of Crosby's efforts to keep the company's Bahamas casino free of organized crime influence.
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